This unit describes the skills and knowledge required to gather, record and analyse operating costs and data, prepare cost reports and budgets, and calculate the costs of products, services and other organisational activities.  It applies to individuals who use specialised knowledge and techniques to consolidate and report on complex information and make recommendations relating to strategic organisational activity.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Unit details

Study level:
Vocational and further education (TAFE)
Unit code:
FNSACC613

Prerequisites

FNSACC517 - Provide management accounting information

Assessment

Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each unit's learning outcomes and performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines. Students will be expected to demonstrate the following required skills: - gather and record operating and cost data in accordance with organisational policy and procedures; - determine cost and operating standards for a costing system; - analyse data and assign costs to comply with organisational procedures; - prepare a range of cost reports and budgets to meet management information requirements; - analyse variances against budget and standards; - recommend changes to cost and activity standards; - recommend further actions required resulting from review process, and; - review integrity of costing systems. Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.Students will also be expected to demonstrate the following knowledge: - identify and describe cost behaviour characteristics for the different cost elements of a product or service; - describe the principles of double-entry bookkeeping and accrual-based accounting; - identify and discuss the key features of organisational policy and procedures as they apply to costing systems; - identify and explain the key principles and practices of budget preparation; - discuss the relationship between variance analysis and costing system integrity, and; - explain the key processes and procedures for recording and securely storing data.

Where to next?

As part of a course

This unit is studied as part of the following courses. Refer to the course page for information on how to apply for the course.

VU takes care to ensure the accuracy of this unit information, but reserves the right to change or withdraw courses offered at any time. Please check that unit information is current with the Student Contact Centre.